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tv   The Willis Report  FOX Business  December 9, 2013 6:00pm-7:01pm EST

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catching a said midnight, said your dvr for "money" at midnight. starting tomorrow and the so-called independence will be on and off for. >> central. gerri: hello, everybody. i'm gerri willis. tonight on "the willis report," another big obamacare light. it is not a forfeit. low-cost plans with the price tags. >> the president guaranteed me i could keep. >> if you want to you can pay for it. >> also, our special series, user's guide to taxes. big change is coming. he will get you prepared tonight . and america's worst charities, is essential advice on giving wisely this christmas. we're watching out for you tonight on "the willis report." ♪
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gerri: welcome to "the willis report." your show, your money, your voice. tonight your health care costs. new warnings of how the architect of obamacare processing you can keep your doctor if you paid up with more on this, it has some fire, health fellow at the heritage foundation. dr. kevin campbell, cardiologists will we're talking about, over the weekend, ezekiel emanuel said that, yes, you can keep your doctor, but you may have to pay more. listen to this. >> he asked a question, if you like your doctor, you can keep it. did he not say that, sir? >> did not say you could have unlimited. >> a simple yes or no question. >> yes. if you want to pay more for an insurance company that covers your doctor, you can do that. this is a matter of choice. you pay more for a wider range of choices or wider range of benefits.
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gerri: you are a doctor. did this come as a shock? >> not at all. we knew from the very outset that this was going to be ultimately a costly endeavor. we also knew that the way this was structured -- gerri: costlier, but now they're telling s that you can keep your doctor. other telling is seeking keep it, but you have to pay more. that seems to be a totally different cuttlefish. >> it's a bait and switch. they're trying to save face because of the fact that they made these statements well over 30 times during the pre-election run for the presidency. now we're finding out that is just not true. gerri: tell me what your reaction was to this. this has been played all day long. it is still shocking. are you surprised at the end of the day these networks are so small that the likelihood of you keeping your current primary care physician, small possibly nonexistent. >> i am not that surprising all.
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if you look at the design of this legislation, large part of the population will be subsidized. it is not the premium gusts to five subsidies but the kashering . paler nothing out of pocket. the only way insurers have to deal with that because they will use the carious to limit access. we are seeing is in a lot of exchange plans, limited access. and in fact the doctor was correct. you're going to see is the system bifurcate based upon money. gerri: at the end of the day not all doctors are playing along. the doctors in california, some 70 percent of them are boycotting obamacare. they don't want to be a part of the networks. have to say a thing that will hurt care ultimately. what do you think is going to their mind? >> it is just not a cost-effective way to do business. for example, to do a tonsillectomy california under medicare reimburse ms. about
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$700 which is significantly lowered a star with the private insurance. under obamacare exchanges 120. a follow-up of this visit, $74 to be reimbursed. for obamacare 25. you cannot keep the lights on. you can't pay overhead, your employees. gerri: financially it does not make sense. >> you can do it. gerri: in the same interview that we were talking about before amazed talking about the reason that you and people are not signing up. it's obvious, we just have not had the pr campaign, the press out there pushing. we have a push. that is why they are not signing up. >> well, the solution to everything was to have a pr campaign. we are now on the seventh or eighth campaign. i don't know what it is. the reality is that young people are healthy, but as a rule that don't make very much money. they're just starting out, so we have known for decades that the
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disproportionate number of the uninsured. adults, particularly young adults who are not married in don't have children. that is just the reality of it. if you're going to cover those people you have to know going into a net it was going to be a tough sell because they don't feel that even cheap insurance is really worthwhile. gerri: that's right. >> they don't buy it today. why buy tomorrow. and also want to talk about a story that begins critically important for americans, the cost of these policies. we hear that the premiums are under control, but the deductibles are crazy. certainly higher than we are seeing in the private sector. take a look at some of these numbers. under the bronze plan we are seeing a deductible of something like $5,000, 42 percent higher than the average 2013 plan. this before obamacare went into effect. what does that tell you? i don't think people were bargaining and deductibles there
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were this high. >> not at all. and i think that there are other, hidden costs. the "wall street journal" reporter about the hidden cost of drugs. if you choose a plan like the bronze plan you may find that you're paying 50 percent of the pocket. what if you had a disease that requires an expensive drug in a thousand dollars per month? you will get to those individuals in this very quickly if you pay for the plot and plan of whenever they call it the money may pay less for drugs, but your premiums will be at a ridiculous price. gerri: is in the administration is banking on the idea that we will forget about this? the rollout is so slow that we will forget what we used to pay, only have our eyes focused on the future and ultimately will embrace it because we just don't remember. >> maybe they think that. i don't know why. this is -- this is a problem with this legislation. they have scrambled the arrangements of 250 million americans. people are going to be thinking about this for quite some time.
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basically what will happen here, as you were saying, people are going to separate out. lower income people will get these very generous plans where they pay virtually nothing, but they could hardly see any doctors or hospitals. on the other hand, if you have more money, you're going to buy your way out. i expect that to happen. people will buy a higher deductible plan but one that gives them access to a broader network of providers, they're just going to pay the provider directly. i think that is what we're going to see. gerri: i do agree with you that there will be certainly a lot more doctors who do business in cash. maybe they just charge your monthly fee for coming in to see them. there are a lot of doctors not doing that. how is this going to change over time? >> you are going to see the gap in wealth and americans widen. instead of having everybody have similar care you will have concierge madison care for the very, very wealthy.
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everyone else gets slammed into obamacare and it will ultimately suffer for the very people that the president claims to want to help. gerri: great job. thank you for coming on. great stuff. appreciate your time. >> thank you. gerri: a fox business alert. the treasury department today said it sold the last of its shares in general motors. the obama administration gave gm may -- gm a $50 billion bailout in 2009 and it got a huge tax ride off in future profits. those profits have come roaring back. now sitting on $26 billion in cash. still, taxpayers will lose $2 billion, that is $10 billion the bailout. add that to the one-and-a-half billion lost on chrysler. ford did not get a bailout. a lot more to come this hour including if you want sap help with your wallet -- let me try that one more time. if you want some help with holiday spending in charity spending, we have
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tax obligation to be a total of 50 percent of your income. half of your income, one in $2 going toggled sam, the state to all kinds of people accept your pocket. all this week we're letting you know what you should do and informing you of any others you may not even know about. joining us now, the firm wide partner in charge of tax and business services. thank you for coming in. you guys have a year end tax guide and then in putting some of your clients dissimulation to see what they might go, april. >> it is not pretty. we sampled 1200 clients. we took there taxes were 2012 and layered the changes on taxes in 2013. it did not sound like a big increase, 7%. if you took the changes, not what you would think it would be, but the surprise was the amount. gerri? >> a quarter of a billion. gerri: were not talking about
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the world. just your clients. >> just clients. gerri: that's crazy. all right. let's take through these changes because there are a lot of them. starting with the brand spanking new income-tax bracket. tell us about that. >> the new tax bracket starts at 39%. so the bracket kicks in for taxpayers that are over for under 50,000 or 500. that is an increase from 35%. that's a huge increase. gerri: let's talk about the medicare taxes. in a new medicare tax rate of 0% tell us about that. gerri: the increase relates to earn income. that is on top of the social security increase that you had in the beginning of the year which is a 2% increase. many people were surprised. now you have that additional. he also have non income related to investments such as interest,
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dividends, capital gains, effectively for federal purposes you layer and. they're already a 44% just on federal. gerri: or not even done talking about taxes. >> this seems like they're looking to continue their raids which does not even count. gerri: let me take you somewhere else. one of the big things that is happening to me your personal exemption is being phased out. we are losing, they're phasing out a bunch of deductions. let's walk through some of this. >> itemized deductions are phased out over a certain limitation. you have your itemized deductions that you claim. real-estate taxes, mortgage interest, charitable contributions, 3 percent over that threshold will be limited. gerri: people are going to be shocked. i think there is going to be an uprising when people get there arms around, as this is changing
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you're really at risk not just for people are earning 400,000. a lot of its starts at 200,000 for taxpayers to file a single and 250 for married couples filing jointly. the pain starts at that threshold and it only gets worse. >> in fact, if you have to professionals, especially in new york our metropolitan area where the cost of living inside you will be at that pressure before you know it. 200,000. you may not have the appropriate planning. some we have been working with our clients in order to plan and project what that tax will be in the next year. gerri: which brings me to something that you mentioned at the top of the segment that i think bears repeating. you really need to let -- run the numbers now to see if there is anything you can do a lesson this tax bite and your brain in the game because this is a big change for a lot of people. there will really get stuck, ahead, get surprised at what they find. >> when they are surprised you
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have the ability through withholding in making estimated payments to pay and. i think when your tax return is due in april you will be surprised. the concern is in april what will happen to the economy. the effect that it could have, people have to have the wherewithal. if it did not have the appropriate planning where we get the money? many people live paycheck to paycheck. they have to look to the investments to liquidate which may not be the best with the rise in the interest-rate, the rise of the stock. gerri: interesting. >> it really becomes important for people to plan now so that they can have the cash or with all. gerri: to you think this will have an economic effect? >> absolutely. gerri: people been yanking money out of stocks and savings, looking under every politician that they can find to find the money to pay this tax bill. >> yes. and that will take effect in april.
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and people will see that. and that trickle-down effect will hopefully be able to have people working effectively so that when they can minimize the taxes ifs. gerri: it is just so funny. a lot of this is because of obamacare, because the four will correct. like somebody tweeted the other day, i like to obamacare. ides is not to not realize i was paid for it which is exactly what will happen to a lot of people. thank you. and coming up tomorrow, our users guide to taxes continues with a tax strategy of session on figuring out how your taxes will be, what you can do before the end of the year to start planning. later in the show, new report shows economists are optimistic about next year, but are you? next we answer the question, how do you do that? advice on making sure you make the right decisions when it comes to christmas charitable giving. ♪ so ally bank has a raise your rate cd
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i get information on quality rated doctors, treatment options and cost estimates, so we can ke better health decisions. that's health in numbers. unitedhealthcare. gerri: don't get swindled by charity scams and poorly run charities. we are helping you track your donation dollars and 60 seconds.
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gerri: the worse charities in america are pocketing ordination dollars. so how do you donate wisely? president and ceo of charity navigator joins me now with answers. you say this time of year,
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40 percent of the dollars that go to charities, and the front door. you have to be careful about how you give because of rosters are out there. big questions of crowd funding. tell us about that? >> a hundred billion dollars, and that 40 percent. a phenomenal amount of money. it's where people come together. there is an issue. fahey it's a disaster. sometimes they are good if they have a track record and have been around for a few years. but in disasters in certain situations they crop up with a track record and people use something like that basically to line their pockets. have to be careful. a rule is look for a track record, not something they have never heard of. gerri: the reality is with some of these scams a pop-up -- well, they're not even scams, some of the donations that are given after a major problem, shooting, i school shooting, you find that
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the money is just not getting there quick enough which is your frustration. sometimes it is not just a scam. sometimes it is a better administration. >> and that is the other frustration. the problem of how long it sometimes takes to get the money the people needed. there has to be some balance to strike between speed and making sure that where they're is a really valid charity. it is a difficult choice. gerri: covering red flag spirit of want to go through this list. you can help us see why these charities are problematic. children's charity fund. what is wrong with that? >> unfortunately a tremendous amount of the money is basically not going to help anybody. it's going for fund-raising. in fact in all of the cases here that is the basic theme. gerri: police protective, united press cancer foundation. and a lot of cases we found is it is telemarketers. some will organization somewhere hires a hugely expensive
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telemarketer and all the money goes to them. >> virtually all or a tremendous amount of the money. when people find out how much it is they really do feel ripped off. these are scams. sometimes the people running the charity are involved. sometimes they are just ignorant and sign a contract and have no clue. gerri: does it make a difference? >> either way it rips off the public. the other thing you see is it is, again, the themes are looking for places where there really tug at the heart of america. the police, the children, these kinds of issues that people want some much to support. it's a tragedy that these kind of organizations. gerri: just want to mention your website. you go out and track the status of this out. it's a great website. you can find all the information you want. thank you for coming on. 56312 about the charities. now for the best choices for
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your money. that list is tonight's top 52. fisher house foundation with a score of 61 out of 70. his organization supports the families of military raising just over $31 million. number four, feeding america. this is the fourth biggest charity of world helping to feed 25 million americans each year. tickets to score 64 out of 70. number three, harlem children zone. this program has been working to build communities since 1970 and scores a 68 us 70. only 98 percent of the funds commission. number two, donors choose. this relatively new charity allows philanthropists to fund specific projects and public schools across the country. the number one best charity, director relief, california's biggest charity providing medical assistance to those stricken by poverty or disaster. the group gets an almost perfect
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score. nearly 99% of its funds go to its mission which is what you want to see. coming up, how to avoid an end of your tax trap when it comes to your investment. and is a recovering housing market covering about bubble? a huge jump in home sales last month as many skeptics chiming in.
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fox business studios in new york, here again is gerri willis. ♪ gerri: tonight is the night. tonight, the night the fox business network is launching its highly anticipated new show, the independence. we have a sneak peek at what you can expect tonight. co-host and former mtv vj. all right. tell us what is going on. >> it is going to be a wonderful
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bonanza extravaganzas for people who love freedom and liberty who are sick of government fighting because the two-party system has forced so many people to become independent. we are embracing them. gerri: are you libertarian? >> i'll a philosophical libertarian, unashamedly so. i am not a registered libertarian. gerri: you're talking abut generational theft. what do you make of that track what does it mean? >> it means the you have a group of people who were so deeply about and committed to this president who have been left in the dust in short order. you know, there is a bit of an uprising. gerri: i was going to ask you. do you think can people are angry? did they think they're getting ripped off? >> they do. there in the middle of the argument. it is not like medicare are an entitlement that might benefit them someday decades down the road if that program makes it.
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i mean, this is something that affects everyone in the self check about which is everyone right now. gerri: other topics. covering in the weeks to come. >> we will be talking at least tonight, some changes with the daily face of news. it's like a melting glacier. we are there with dry towels to block the pieces. gerri: good minister. we will talk with the nsa command we're going to talk about all sorts of secret things happening in places like st. louis where they are stealing meals from homeless people. gerri: you going to have to watch that. a pleasure to talk to you. and be sure to tune in to the fox business network tonight for the premiere of the independents at 9:00 p.m. eastern time. me at 6:00, 9:00 p.m. for kennedy. you get is? the new year is bringing all the estimates, once again the national association for
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business economics is predicting accelerating growth in the next year. should we take this prediction with a grain of salt? with more on this to my fox business peter barnes. >> reporter: may be updating its survey on its numbers for the 2014 economy, and they see gdp growing about 3% next year from about 2% this year. the unemployment rate averaging about 7% for the full year. that is where it is now. they foresee if non-farm payrolls rising at a bit faster pace to 200,000 jobs per month. they also see the s&p 500 next december 301st at the end of 2014 at 1850, which is just a 2 percent from the current level. and maybe numbers, the fed started to taper, the first half of 2014 helping to send the ten year treasury up to about three 1/4. now, manufacturers say that
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uncertainty about government policy continues to hold back job creation, to hold the economy back. the new survey of manufacturers finding many executives still think that there will be a government shut down in january. >> the fact that you have so many people actually said that they thought it was possible really hits home the fact that these same individuals are not going to be adding new workers are investing in their businesses because of fear that the government once again will be able to come in and derail economic growth. >> stronger export growth would also help manufacturing job creation specifically in a big way. gerri: this whole thing sounds so familiar. so upbeat about next year at the end of the previous year. how accurate are they? >> these are not necessarily as smart as kennedy. in this forecast the group predicts the upon the rate will
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average 7%. we already had that. navy members are also all over the map on the gdp forecast with their range of 2% to 4%. maybe leader said that on the range of the forecast, at least the lowest growth projection is about 2 percent which was the median forecast last year. we will wait to see if their predictions come true. gerri: we will see. usually they are a little too upbeat. thank you for coming on. good to see you. end of factor that could weigh in on the economy, the housing bubble. with more on this from a financial policy fellow at the american enterprise institute. take you for coming in tonight.
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prices have not gone up that much. >> actually, they have gone up quite a lot. we have an enormous. the allies will pick prices rising gradually over time. measure housing prices against rental costs. while we found is we have, quite a bit, almost to where we were in relation to that same syntex in 2003. so we are well along toward another bubble. gerri: you say one thing that will almost guarantee bubble, the federal housing finance agency. he would be sort of the top regulator of the fannie mae and freddie mac. what do you think that melvin will do? >> well, he has made his
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policies clear in the past. he is for making sure that the underwriting standards are reduced substantially so that many people who do not have easy access to mortgage credit are able to get it. that was the thing that caused the crisis in the first place. 1997 and 2007. so i am quite worried when he is in its year -- and it is important to understand that he is not just a regulator. because he is the conservative of fannie and freddie he runs those two companies. he is like the ceo of those two companies. so if he wants them to make mortgages, acquire mortgages that are very low quality, he can do it. gerri: and that will be like going back for years to the worst of times if, in fact that happens. thank you for coming on. great to see you, agree to have
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you won a shell. thank you for your time. >> okay. by. gerri: tonight the fox business network, as i just mentioned, launching its highly anticipated new shell, the independence. a sneak peek coming of. when we come back, al a string of municipal bankruptcies and defaults could be hurting your portfolio. a warning for individual investors and those high dividend stocks. why they could be a tax traps set to go off next year. hi honey, did you get e toaster cozy?
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[ male announcer ] how coula luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hongong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutfunds beat their 10-year lipper average. t. rowe price. vest with confidence. equest a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. gerri: your going to want to listen. it is a heads up to small investors. tax trap is set at year's end that could change the way you invest. our panel of experts is you with
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answers. jimmy connors, marketing partner at here is financial, dan schaefer, ceo of schieffer asset manager and author of the book you can never be too rich. welcome. i will start with you. year-end distributions for mutual funds could get ugly for some people. what can we expect? >> if you try to buy before they made their distributions or go ex-dividend which means after the make the distributions will basically be paying tax on earnings from the fund that took place during the previous year dating back. so if you're not an investor in did not take advantage of the fund could be down and you would still have the capital gain distribution. gerri: what is your advice? some people out there right now are trying to buy funds. you certainly would not want to buy one of these right now and then take a taxi when you have not done that the entire year. >> right. first off, if you buy a fine dry before the recall date your by yourself a tax liability. i say avoid the problem altogether.
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stick with the exchange traded funds are index funds. for the most part you will get rid of this problem altogether. you control the taxes, not some fund manager. you don't have to worry about this crazy ex-dividend record date. make it easy for yourself. gerri: us at nearly a possibility. i put this into some kind of retirement fund i don't have to worry about it. >> that's right. if you have an ira, 401k to many of that, the mutual-fund capital gains the submissions of factor. in addition there are two types of capital gain distributions to long-term and short-term. initially it has not been an issue for investors generally for the last couple of years. the 2008-2009 crisis this year, they carry forward losses. gerri: now the regional funds of posting this on their own website. telling you directly. keep an eye out for that. it could get ugly. we have seen tremendous gains in
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the market. the s&p 523% this going to be a big texas. >> in fact quite a bit of gain. gerri: and not just funds. let's say you're buying individual stocks and some kind a brokerage account. maybe you sold got changed up every you could be facing a very big tax. >> only if he sold the stock, but if you're right. he will have a tax gain can be depending on how long yell the position that could even be a short-term gain which is ordinary income taxes were to be a long-term gain which is a lower tax depending upon your income. gerri: i want to talk about too big to fail because are talking -bout these companies that are used to investing. maybe you have your retirement who could get in trouble. they may be subject to these rules. that's was treasury's talking
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about. a big consideration. i will go to you. what you make of this? >> well, the treasury just left gm. i think they ought to lead mutual-fund carriers alone. my personal opinion is that i think what is going on, a land grab. try to figure out who will regulate home. the investment company act of 1940 has been up for a long time, but it is also one of the maastricht out there. i don't think -- by definition of the treasury department regulating further, i don't think there are gains. highly regulated, they're fine, don't need to be touched or considered systemically important. gerri: he helped write, the financial stability oversight council has enough to do regulating the institutions that are clearly meant to be covered. the large banks. i have not seen the argument made yet. you're frowning and me. tell me what you make of this.
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i have to think that at some point individual investors will get hit with the cost of this. it would come to rest on our shoulders. none of that would be good because you know even a 1% gain in fees can be destructive. >> if i put my money with the bank, i do want some regulation because i want to know that of the hitting my money back, and it is nice to others regulation of they're preventing the bank for making risky investments with my money it might preclude me from getting it back. but put my money into a mutual fund and my expectation is maybe get back and maybe a lot to my don't know how much regulation they're needs to be. the onus is on the investor to understand what they are investing in. higher fees. gerri: we have seen some 77 different regulations added. i know you are in a fan of this either. >> this is the most ridiculous. an asset manager is not a bank.
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they're two separate entities. an asset manager does not have this -- systematic risk. you're not going to bailout and asset manager. you bailout a bank. there should be no regulation on an asset manager because there is not a liquidity issue. a systematic risk is a liquidity issue. managing assets for clients. i don't have a liquidity issue. i add liquidity to the system and my clients get a rebate from exchanges that borders and. does not make sense. gerri: i am always amazed at the level. you assume that washington has some understanding of basic economics, but they do not always. one other topic. will pick on you. news this afternoon that congressman alan grayson rip off basically bias camera. he lost 18 million. this is a guy who sat on the financial services committee. the first president of itt, a guy who is not stupid. how does this happen? >> you know, i hear this all the
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time, especially with clients of mine. they want to know, you know, how can they know of someone is gammer not. the big problems of this world is what happens when someone writes a check to a private entity that is holding the assets or are responsible for investing as assets. there is a small investor out there. so much better off putting your money into a big brokerage where i -- for a financial adviser is nothing but an intermediary for the count. that is was all the problems. keeping money in the big institutions into de transparent. gerri: sat on know if i want to keep my money with the big institutions. maybe i want to go with someone i know well and feel like and trust. >> the first thing to my clients need to put their money into larger asset managers, generally mutual funds in atf's. he's talking but using a brokerage firm, using a highly regulated institution that separates the money from the client from the financial person who is actually brokering the transaction on behalf of that
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customer. you actually don't have a coming the aborigines. that's what is talking about. and that think that is really the most important element. want to go back to one thing you said about mutual funds. it back into the financial crisis, the money market mutual funds, they broke the buck. there was an implicit guarantee your explicit guarantee by the fed for money-market mutual funds. was going on with the treasury is there saying, if we had to bail out these money-market mutual funds, he will have to bail out these other asset based. that's the motivation. gerri: the last word quickly. >> with the asset manager side of it, i don't hold assets. claman's make checks to me. that's when i think we're talking about. make sure your check is with an institution, custodian, clearing firm, not the asset manager. >> correct. gerri: the beat goes on. even the smart people get taken. thank you for coming on. great job.
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♪ gerri: get ready for more muni met this. why war and more investors are exploring municipal bonds and what you need to account for coming in.
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♪ gerri: the municipal bond market is shrinking. believe it or not according to the latest data released from the federal reserve today the markets fell to just under three and half trillion, the lowest level since the end of 2009. why is this happening? joining me now, vice-president of policy at the illinois policy institute. thank you for coming on. i appreciate it. i assume what is going on -- you tell me if i am right, a lot of individual investors because that is mostly what it is the
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are nervous, worried about all of this municipal debt. my right? >> you're absolutely right. municipal bond market has been a quiet market or individual investors always parked in money and watch it with slowly. now we are seeing to changes. the fed is ending its interest-rate policy which is not good news. but the bigger issue is what is happening with pensions. unfunded pension debt in municipalities is wreaking havoc. we are seeing bankruptcy's across the country, and it is forcing municipal investors to rethink investment strategy. gerri: we just got this decision out of detroit. they have a huge problem with pension debt. the judge said, hey, we will watch out for the interest of investors. did that help people? >> well, it has them worried because if you're a miscible bond investors something you cannot of this. we have seen the bankruptcy's and ryland, alabama, california. now detroit.
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what they're saying in the jury is if you're a general obligation bonds over typically you are used to being first in line in this recent ruling what we are finding is that the general obligation bondholders may be thrown in with all the other creditors just like anyone else but recently there are no longer first line which is carried. gerri: usually there at the front of the line. well, part of the problem, and i know you can speak eloquently about this. there is just not good information. if you invest in these bonds it is not like these municipalities are being honest and disclosures >> well, there is a huge lack of transparency. again, bankruptcy's have to scare people. if you look at the securities exchange commission, coming down . they hit illinois for not being honest, securities fraud. but eleanor was doing was for four years selling bonds without disclosing the true depth of the pension crisis. so this is a serious issue for
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investors. they have to know what they're investing in. gerri: would you put kerman's money in the municipal bond right now? >> i tell you what, do a lot of hallmark and understand how much pension rest there is. chicago, they have 19 billion shortfall in the pension systems. but moody's says it is 36 billion. that is a huge difference. for an investor. you would have to be really careful. gerri: you have to come back. you will give you more time to talk. appreciate your time. thank you for coming in. we will be right back with my "2 cents more." ♪ my customers can shop around.
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[kevin] paul and i have been [paul] well...forever. [kevin] he's the one person who loves pizza more than i do. aul] we're obsessed. [kevin] we decided to make our obsession our livelihood. [kevin] business was really good. [kevin] then our sauce supplier told me: "you got to get quickbooks." [kevin]quickbooks manages money, tracks sales and expenses. [paul] we even use it to accept credit cards. [paul] somebody buys a pie with a credit card, boom, all the accounts update. [paul] when we started hiring,we turned on payroll. [kevin] it's like our add the toppings you want, leave off the ones you d't. [kevin] now business is in really great shape. [annncer] start using intuit quickbooks for free at quickbooks-dot-com. >> business economy and say that growth will speed up through next year. but are you optimistic through 2014 about the economy? times that sure, it will get better and there is a unicorn on every street corner. and the illusion will continue.
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lookout. there's a lot of naysayers out there. finally, talk about a world of broken promises. with obamacare we found you cannot keep your insurance plan. as we learned tonight, you cannot keep your doctor either, not unless you're willing to pay more money to do so. you know, sometimes it seems like this administration has a lot in common with marketers who are taking it all back in the fine print, like the banks that promise you a return on your bank account until the rates move. government under this president was supposed to do more nd be better. so far, it is just more expenses and that is the fine print. it is something that we will be covering all week because we care about the fine print. hope and change? know, more of the same. higher tax bills, less accountability and that is my "two cents more".
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coming up tomorrow, our users guide to taxes continues with a tax strategy session so you can do some planning. that is airports might "willis report" and we thank you for joining us. have a great night. ♪ lou: the nation's east coast is hammered by a deadly winter storm that caused scores of car wrecks and canceled thousands of flights and that's just the first round. the second round begins in just hours. a powerful storm with more ice and snow that will hit tonight. i am lou dobbs. ♪ ♪ ♪ lou: good evening, everybody. the relentless storm pounding cities along the east coast, dropping snow and sleet and freezing rain across much of the region. forecasters say that washington dc could get up to 5 inches of
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